Rising Demand for Lightweight Vehicles Expands Addressable Market Opportunity for Aluminum and Magnesium Castings #IndustryFinance

Global Automotive Castings Market

Dublin, Aug. 26, 2024 (GLOBE NEWSWIRE) — The “Automotive Castings – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

The global market for Automotive Castings is estimated at US$133.3 Billion in 2023 and is projected to reach US$218.4 Billion by 2030, growing at a CAGR of 7.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

The growth in the automotive castings market is driven by several factors. Advances in casting technologies, such as 3D sand printing and rapid prototyping, are enabling manufacturers to produce complex and lightweight components more efficiently, meeting the stringent performance standards of modern vehicles. 3D sand printing, for instance, allows for the creation of intricate sand molds directly from digital models, significantly reducing lead times and enabling more flexible design iterations.

The rising demand for electric and hybrid vehicles is expanding the addressable market for automotive castings, as these vehicles require a new set of components tailored to their unique powertrains and structural requirements. Additionally, the automotive industry`s shift towards sustainability and regulatory compliance is promoting the use of recyclable materials and eco-friendly production processes in casting operations. Foundries are increasingly adopting closed-loop recycling systems and low-emission production techniques to reduce their environmental footprint.

The global expansion of automotive manufacturing, particularly in emerging markets, is also fueling demand for cast components, supported by increasing investments in infrastructure and production capacity. These factors collectively ensure the robust growth and continued relevance of the automotive castings market in the evolving landscape of the automotive industry.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Pressure Die Casting segment, which is expected to reach US$122.1 Billion by 2030 with a CAGR of a 7.4%. The Vacuum Die Casting segment is also set to grow at 8.2% CAGR over the analysis period.

• Regional Analysis: Gain insights into the U.S. market, estimated at $34.7 Billion in 2023, and China, forecasted to grow at an impressive 10.8% CAGR to reach $52.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.

• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.

• Company Profiles: Coverage of major players such as Aisin Seiki Co., Ltd., Alcast Technologies Ltd., Alcoa, Inc., and more.

• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Key Attributes:

MARKET OVERVIEW

• Influencer Market Insights

• Global Economic Update

• Automotive Castings – Global Key Competitors Percentage Market Share in 2024 (E)

• Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

MARKET TRENDS & DRIVERS

• Advances in High-Pressure Die Casting Propel Growth in Automotive Castings Market

• Rising Demand for Lightweight Vehicles Expands Addressable Market Opportunity for Aluminum and Magnesium Castings

• Integration of Electric Vehicles (EVs) Spurs Development of Specialized Castings

• Adoption of Computer-Aided Design (CAD) and Simulation Tools Strengthens Business Case for Optimized Casting Processes

• Innovations in 3D Sand Printing and Rapid Prototyping Accelerate Product Development

• Increasing Use of Recyclable Materials and Eco-Friendly Production Processes Drives Adoption of Sustainable Practices

• Expansion of Automotive Manufacturing in Emerging Markets Generates New Market Opportunities

• Growth of Hybrid Vehicles Accelerates Demand for Advanced Casting Solutions

• Focus on Reducing Production Lead Times and Material Wastage Enhances Market Competitiveness

• Technological Integration in Foundries Improves Quality and Precision of Cast Components

• Development of Advanced Alloys and Materials Strengthens Performance and Durability of Automotive Castings

• Customization and Personalization in Automotive Design Generate Demand for Flexible Casting Solutions

• Expansion of Aftermarket Services and Parts Propels Growth in Replacement Automotive Castings

• Evolution of Smart Manufacturing and Industry 4.0 Practices Enhances Efficiency in Casting Operations

• Growing Emphasis on Vehicle Safety and Crashworthiness Drives Development of Robust Cast Components

• Emergence of Autonomous Vehicles Generates New Requirements for Specialized Automotive Castings

FOCUS ON SELECT PLAYERS (Total 26 Featured)

• Aisin Seiki Co., Ltd.

• Alcast Technologies Ltd.

• Alcoa, Inc.

• Consolidated Metco, Inc.

• Endurance Technologies Ltd.

• G-F Automotive

• Kinetic Die Casting Company

• MINO Industry USA, Inc.

• Ningbo Zhenhai Xinxie Machinery Co., Ltd.

• Northwest Die Casting LLC

• Pacific Die Casting Corporation

• Rockman Industries Ltd.

• Ryobi Die Casting, Inc.

• Sandhu Auto Engineers

• Sibar Auto Parts Limited

• Texas Die Casting

• Wotech Industrial Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/6hhyou

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